Consumers already feeling pinched since the Iran war started may feel more pain after oil prices pushed past $100 a barrel

Oil prices surge as Strait of Hormuz transits drop 50% amid U.S.-Iran combat. Analysts warn of severe supply shocks and $120 Brent crude.

Global oil prices have climbed closer towards US$100 a barrel on Thursday afternoon, with the conflict between Iran and the US showing no sign of de-escalating.